Vestas Plans Layoffs, Expects Weaker Market In 2011

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Vestas plans to lay off 3,000 employees and expects a weaker-than-anticipated outlook for the 2011 wind market, the Wall Street Journal reports.

Most of the job cuts will affect Denmark, according to Vestas's CEO Ditlev Engel, adding that the cuts were necessary to improve efficiency.

Vestas' third-quarter net income was 126 million euros, down from the 165 million euros in the third quarter of 2009.

SOURCE: Wall Street Journal

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